Uttar Pradesh Grapples with Stalled Housing Projects: A Growing Concern for Homebuyers
PropEquity's 'PropAlert' service aims to provide homebuyers with regular updates on project progress, amidst a surge in stalled housing projects in Uttar Pradesh.
Uttar PradeshStalled Housing ProjectsPropequityPropalertHomebuyersReal Estate NewsSep 08, 2024
These stalled projects comprise a staggering 1.46 lakh units, leaving many homebuyers in a state of uncertainty. Greater Noida tops the list with 167 stalled projects, followed by Noida with 103 stalled projects and 41,438 units.
The main reasons behind the stalling of these projects are developers' lack of execution capabilities, cash-flow mismanagement, and diversion of funds to new ventures. Samir Jasuja, founder and CEO of PropEquity, highlighted these issues and emphasized the need for a solution to address homebuyers' concerns.
To safeguard the interests of homebuyers who have invested in under-construction properties, PropEquity has launched a new service called 'PropAlert.' This service aims to provide regular updates on construction activities, enabling homebuyers to make informed decisions.
PE Analytics Ltd, the parent company of PropEquity, is optimistic about the success of 'PropAlert' and aims to generate Rs 12 crore in revenue and achieve over 10,000 subscribers by September 2025. The company has already reported a 29% growth in consolidated revenues in the April-June period of this fiscal year, reaching Rs 12.06 crore.
The launch of 'PropAlert' is a significant step towards addressing the concerns of homebuyers in Uttar Pradesh. As the real estate market continues to evolve, it is essential for companies like PropEquity to innovate and provide solutions that benefit all stakeholders involved.
Frequently Asked Questions
How many stalled housing projects are there in Uttar Pradesh?
According to PropEquity, there are 378 stalled housing projects in five major property markets in Uttar Pradesh.
What is the main reason behind the stalling of housing projects in Uttar Pradesh?
The main reasons behind the stalling of these projects are developers' lack of execution capabilities, cash-flow mismanagement, and diversion of funds to new ventures.
What is PropAlert and how does it help homebuyers?
PropAlert is a new service launched by PropEquity that provides regular updates on construction activities, enabling homebuyers to make informed decisions.
How many subscribers does PropEquity aim to achieve for PropAlert by September 2025?
PropEquity aims to achieve over 10,000 subscribers for PropAlert by September 2025.
What is the revenue growth reported by PE Analytics Ltd in the April-June period of this fiscal year?
PE Analytics Ltd reported a 29% growth in consolidated revenues in the April-June period of this fiscal year, reaching Rs 12.06 crore.
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